PlimsollStrongroom
NetworkHedera testnetAudit topic0.0.10451091Coverage feedLive, over MCP
Demonstration

Each note shows a dated reading from chain. Walk the states to see what each one does.

PLIM-B

Plimsoll Note Series B. The right-sized series: a $10.00 obligation against Base backing, so it is the note that should clear.

No figure

Attributable backing
Not attested
Outstanding
$10.00

10.00 notes at $1.00, read from the note

UnprovenThe last attestation has expired. An expired attestation is not evidence, so there is no figure.

AttestationExpired

CoverageOracle reads PLIM-B as unproven: its last live attestation read 140.00% at 05:28:38 UTC and expired at 05:33:30 UTC. An expired attestation is not evidence, so the venue refuses until the next one.

What the note owes

  • totalSupply()1,000 base units
  • decimals()2
  • Notes outstanding10.00
  • getNominalValue()$1.00 a note
  • Obligation$10.00

The denominator of every ratio on this screen is read from the note itself — supply times nominal value — and never taken from configuration.

Backing by vault

Held on Base by the issuer's own address. The vault set is registered on CoverageOracle, and the two notes’ sets are disjoint: a position backs exactly one note. Read from each vault at Base block 51,243,788, 2026-09-13 05:22:03 UTC: 14.000012 USDC, which is 140.00% of the $10.00 the note owes. That is a reading of the positions, not an attestation: the oracle holds a figure only while a signed attestation is fresh, and without one the venue refuses.

What the plan does when it is tested

  • Funded as planned140.00% · clearAgainst a $10.00 obligation and a 100.00% line.
  • Redeem the Morpho position60.00% · refusedForty points under the line. One position leaving is enough to stop the market.
  • Redeem either other position110.00% · clearStill clear: the line is about value, not about how many positions exist.
  • Put the Morpho position back140.00% · clearThe refusal clears because the backing returned.

Measured on a fork of Base before the deposits were made. It is the case for a line drawn against value: the market stops when what is behind the note is worth too little, whatever it is spread across.

The line, and who moved it

  • Threshold100.00%
  • Approved on the deviceSET-THRESHOLDA person read the action, the market, the coverage and the new line on a Ledger, and approved it. Without that signature the call reverts.
  • Listingready to list, not placedplaceAsk calls LoadLine.requireClear(PLIM-B). It read clear — Covered at 140.00% — while the live attestation accepted at 05:28 UTC was fresh. That attestation expired at 05:33:30 UTC, and an expired attestation is not evidence, so the venue refuses again until the next one.

Attestation

  • CoverageOracle, read 2026-09-13 10:02 UTCUnproven · AttestationExpiredCoverageOracle reads PLIM-B as unproven: its last live attestation read 140.00% at 05:28:38 UTC and expired at 05:33:30 UTC. An expired attestation is not evidence, so the venue refuses until the next one.
  • Last live attestation140.00% · expiredAccepted at 05:28:38 UTC, read at Base block 51,243,979. While it was fresh LoadLine read clear · Covered against a 100.00% line. It was valid until 05:33:30 UTC and is no longer evidence.
  • Record 25Attested · 140.00%$14.000018 against $10.00, read live from this note’s registered vaults (live, Base block 51,243,979).
  • Record 22Attested · 150.00%$15.00 against $10.00, computed from fixture backing (fixture:plimsoll-base-backing-v0) against the vault set that has since been replaced. It proves the path on this note, not this note’s backing.

A figure from fixture backing is never shown as this note’s coverage, and a lapsed attestation counts for nothing: the venue trades on a fresh one or not at all.

Provenance

Every line is a transaction on Hedera testnet, in the order it happened.